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wallstreetesq., Attorney
Category: Business Law
Satisfied Customers: 17080
Experience:  10 years, Corp litigation, Of Counsel to several global and nationwide corporation
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Hi. I am very new in business, making change from a very different

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Hi. I am very new in business, making change from a very different field- medicine. I am planning to open a retail type business. Initially I intended to buy a franchise, but very early in the process realized that I can provide same service or better on my own. So I decided not to buy a franchise but start a similar type of business on my own. Having no prior experience I am trying to absorb as much information as possible to give my business the best chance for success possible. So I told my real estate broker to hold on. Looking for location was the initial recommendation by my potential franchisor and that is why broker was engaged early in the process. He is very helpful and provides all kinds of information and all kinds of referrals, but he also pressures me to proceed with talking to the landers(we only have done two drive buy maybe six weeks ago). I give him regular updates on what is going on, but pressure is there. Today he made it clear. I do not even have my business plan ready. I have been trying hard to make sure I understand what I am doing, but I feel rushed by him. So my question is: what can be the reasons he is doing it? I my contract with his company I could not find anything that specifies how fast I need to be looking it just gives the term of termination but it does not state that I have to meet any time criteria. But I still feel like am I breaking any rules or ethics asking him to wait with talking to the landlords, am I?
Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

A broker will always try to rush his client to close a deal as they get paid earlier, in almost all broker agreements their will be no time limit for the client to have to enter into a transaction. You should do you due diligence, the only issue you should consider in retail is that most of your sales comes from Nov-Jan as it is holiday season, so the broker may have your interests in mind as well.
Customer: replied 5 years ago.
Yes he is very nice, very helpful and does whats to be envolved. Early in the process, I almost said yes to one of the business consultants he recommended to write a business plan for me so I have it reay to show to the bankeres and commercial real estate people when checking the properties. It would have been a disaster. I am the one who needs to understand what I am getting into from the beginning. But what you said makes sense. I feel rushed. I think I just need to be very bold with him and say ;hey, I will take as much time as I need to make the best start possible like it or not. He may not like it, but what can he do?
he can only cancel the contract, some clauses have a clauses stating they are entitled to a commission if they provided you with a bona fide offer or space, if they do not have any such clause their is no issue.
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Customer: replied 5 years ago.
broker can terminate contruct during the initial period firs 6 month (where we are now) and it says then he waves his right to comission. But if he terminates after the initial period then it gets very muddy...Is this typical? Does imeen i am OK now sinse we are still early in the initial period?
you are fine now, you may want to write a letter to him and send it certified before the first six months is over canceling the contract, and ask for a new one for the next time period.
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